Citizens Are Fighting Against the Crypto Gorilla
Citizens Are Fighting Against the Crypto Gorilla
2022.09.24 14:15
Citizens Are Fighting Against the Crypto Gorilla
Budrigannews.com – Cryptocurrency is a goliath, and it is using the existing social order to detract from David is strength. While Bitcoin is popularity has been largely unaffected by the goliath, it is a very real threat to the banking system, and it has many serious implications. In this article, we will look at some of the ways that the crypto goliath is trying to destroy the banking system.
Goliath uses existing social order to detract from David is strength
The social order of the day has its advantages and disadvantages. David& is lack of appearance was a factor in Goliath is detestation of him, and the Israelites apprehensions about his ability to defeat Goliath fueled a series of incidents that led to the Israelites unwillingness to fight him. The story is climactic battle, and the lessons it teaches, demonstrate that Goliath uses existing social order to detract from is strength.
Goliath is size and stature were both a factor in his victory over David. Goliath weighed 125 pounds, wore heavy armor, and was six feet nine inches tall. He was from Gath, a town renowned for its tall people. David is much smaller, standing at only five feet six inches tall. This fact contrasts sharply with Goliath is enormous size.
Bitcoin is popularity has not been affected by the goliath
Since its launch in 2009, Bitcoin has changed the way we think about money and finance. As its use has grown, however, the cryptocurrency has become slow, expensive, and cumbersome. For example, a single transaction takes around 10 minutes to complete, and a fee of up to $20 is charged for every transaction. The cost of operating Bitcoin makes it a largely unviable medium of exchange, as a $10 bill may buy beer one day and a bottle of wine the next.
Stablecoins are an existential threat to the banking system
Currently, the financial world is abuzz over the emergence of stablecoins, and the United States is taking notice. In fact, a recent report by the Senate Banking Committee notes that the crypto market is a “potential threat to the banking system.” However, the SEC, which has a lot of political clout, has questioned whether or not stablecoins should be regulated as securities. On the other hand, the Federal Reserve sees stablecoins as merely bank deposits.
According to the report, stablecoins are a potential existential threat to the banking system. The rise of stablecoins could erode banks' ability to create new credit. The reserve assets backing these currencies do not support credit creation, so their aggregate growth may increase borrowing costs and damage credit in the real economy. As a result, regulators and banks are working to keep stablecoins from becoming too big to fail.
Bitcoin miners clash with environmental groups
The latest round of controversy involves Bitcoin mining, as a group of environmental groups and major developers of the cryptocurrency have clashed over its impact on the planet. The Environmental Protection Agency has ordered the Department of Energy to implement stringent energy efficiency standards for proof-of-work (PoW) mining operations. The Department of Energy should study the use of power density limits and how to protect low-cost public power allocations from becoming sucked into PoW mining operations. Financial regulators need to ensure greater transparency on mining operations energy usage and climate pollution. And they should be prepared to fight misleading claims regarding the environmental impact of bitcoin mining.
The debate over the use of fossil fuels in bitcoin mining has become even more heated since the start of the cryptocurrency bubble. New York state legislators are considering a moratorium on fossil-fuel bitcoin mining, which the state considers to be a major cause of pollution, threatening the city is goals to reduce carbon emissions. Fossil-fuel bitcoin mining contributes to dangerous wildfires, floods, and heatwaves, all of which can affect the lives of the public. The United Nations projects that global carbon pollution will increase by 16% by 2030. Even with the current government carbon-cutting plans, bitcoin mining is unlikely to slow down this increase.
